Advanced scanning techniques boost MRI market

The global MRI market size was valued at USD 4 billion in 2019. It is anticipated to expand at a CAGR of 5.3 percent over the next six years, predicts Grand View Research. The rising geriatric population, number of chronic diseases, and the demand for minimally invasive or non-invasive diagnostic procedures are some primary drivers for the MRI market. In addition, advancements in scanning techniques, such as open MRI systems, software upgrades, and superconducting magnets, are fueling the growth. Also, the development of MRI systems compatible with cardiac pacemakers is propelling the demand for these instruments.n. Advancements in medical imaging devices have enhanced the diagnosis and treatment of cardiovascular diseases and cancer among other health conditions. Rising demand for minimally invasive treatment is leading to innovation in diagnostic imaging devices. Four advancements, such as accelerating processing speed, expanding the parameters of 3D and 4D, capturing images at the right place and at the right time, and automating workflow, are expected to increase the adoption of medical imaging during 2019–2026. Significant increase in the number of public and private hospitals across countries, such as India and China, is boosting the demand for diagnostic imaging devices. Rising medial tourism coupled with government initiatives in this region is expected to boost the growth of the MRI market in coming years.

On the other hand, high cost associated with MRI systems, maintenance, and servicing is challenging the growth. Requirement of depleting deposits of helium gas, used for cooling down MRI machine, results in increased waiting time and reduced productivity. In addition, stringent regulatory framework resulting in delayed product approvals and frequent product recalls is augmenting the degree of challenges.

The closed-type segment accounted for the largest market share in 2019. However, closed systems have very low acceptance by patients having claustrophobia and chances of suffocation. Thus, the major market players are focusing on research to develop advanced open MRI systems with more acceptance by claustrophobic patients. As a result, many new open-type MRI systems are expected to enter into the market during 2019–2026. Low field strength are the most preferred MRI systems with general low field strength below 0.5T. Mid field strength MRI systems have 0.5T to 0.9T field strength.

Major players competing in the MRI market include but are not limited to Siemens. Philips, GE Healthcare, and Hitachi Medical Systems. These companies hold a remarkable position mainly owing to their strong geographic reach. Some other players operating in the market include Toshiba Corporation, Aurora Imaging Technologies, Esaote, and Sanrad Medical Systems.